After a sluggish start, a recovery, a fade, then a late rebound. That is pushing some indices positive or pretty close outside of SOX. SOX is definitely lagging.
SP500 4.23, 0.17%
NASDAQ -1.17, -0.02%
DJ30 38.97, 0.18%
SP400 0.02%
RUTX -0.04%
SOX -0.68%
None of the indices are the picture of strength, BUT . . .
SOX tapped at the lower trendline in the triangle and bounced, a bit.
DJ30 shows a doji with tail at the 50 day MA.
NASDAQ tapped its TL on the low and rebounded to a doji.
SP500 showing a doji with tail as well.
SP400, RUTX showing a second doji after the Thursday dramatic break of the 200 day MA.
The takeaway: No new bounce as on the prior Monday following the Thursday rip lower. No continued selloff either. A bit deeper test, a hold of support by several, and, again, leaving NASDAQ, DJ30, SOX in position to try a bounce to lead the market back upside.
Thus far the action is not enough either way to make us take on new positions, though W is one we are considering. Overall, holding where it needs to but leaving the 'what next' question open. The bulls say 'yes, no selling!' The bears say 'yes, no bounce.' Neither has the troops to do anything today.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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